Standards on Auditing - Overview of Audit of Public Sector Undertakings

The audit of Public Sector Undertakings (PSUs) in India has distinctive features because these entities are owned or controlled by the government and are subject to additional statutory oversight. The primary responsibility for auditing PSUs rests with the Comptroller and Auditor General of India (C&AG) under the provisions of the Companies Act, 2013. The C&AG appoints the statutory auditors of government companies and also has the authority to conduct supplementary audits, review audit reports, and issue directions to auditors regarding the scope of audit. The audit of PSUs not only focuses on the true and fair view of financial statements, but also examines compliance with government policies, efficiency in the use of public resources, and adherence to statutory and regulatory requirements. In many cases, performance or efficiency aspects may also be reviewed to ensure accountability, transparency, and proper utilization of public funds, making PSU audits broader in scope compared to audits of private sector companies.

SESSION 1

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